Starbucks closing all 379 Teavana stores

29 Juillet, 2017, 09:56 | Author: Marc Bacque

China comp store sales increased 7%, driven by a 5% increase in transactions.

Starbucks reiterated on Thursday that declining mall traffic has been hurting brick-and-mortar retailers as consumers have shifted their spending online.

Starbucks (SBUX) announced on Thursday that all 379 Teavana stores - which are primarily based in malls across the country - have been "underperforming". Analyst Mark Astrachan cited disappointed guidance for the current quarter that implies a continued deceleration in comparable-store sales growth, which he chalks up both to macroeconomic pressures and market share losses. Starbucks (NASDAQ:SBUX) has chose to close its mall-based Teavana stores.

The latest move has built on the company's ongoing investments in China, its fastest-growing market outside the USA in terms of store count.

Starbucks Corporation (SBUX) stated financial results for its 13-week fiscal third quarter and 39-week fiscal year to date ended July 2, 2017. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company's stock worth $1,090,000,000 after buying an additional 18,667,265 shares in the last quarter. But in April, the company said it was reviewing options for the chain. Starbucks is buying the Taiwanese companies' remaining 50% stake in the Chinese business for $1.3 billion, giving it full ownership of the venture.

With Starbucks reaching a saturation point in many places, China looms larger than ever as key to the chain's prosperity.

Belinda Wong, the chief executive of Starbucks China, said that "with the middle class rising, the coffee consumption rising, people picking up more and more, drinking coffee, I see enormous opportunities ahead".

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In a separate deal, Starbucks will sell its 50 percent share in its Taiwanese JV to UPEC and PCSC for about $175 million.

There are almost 600 stores in Shanghai alone, the largest number globally of any city. The stock was sold at an average price of $60.63, for a total transaction of $606,300.00.

Johnson attributed part of the growth to innovations in food and beverage offerings, such as sous vide egg bites and more lunchtime offerings. In Starbucks China region, same-store sales rose 7%, which is modest based on the size of the market. It will roll out the Mercato menu in the greater Seattle area in early August, Johnson said. The coffee company reported $0.55 earnings per share for the quarter, hitting analysts' consensus estimates of $0.55.

The Teavana closure ends a five-year experiment started when Starbucks paid $620 million for Teavana.

In turn, Uni-President and President Chain Store have also agreed to buy a 20 percent and 30 percent stake in Starbucks Taiwan, from the US firm for NT$2.17 billion and NT$3.25 billion. The program represented 36% of US company-operated sales. The company's best efforts were unable to help turn the locations around. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.42 billion.

The comments followed the release by Starbucks of results showing an 8.3% drop to $691.6m in earnings for the quarter ending July 2, despite growth of 8.1% to $5.66bn in revenues, with margins pressured by factors including growing competition in the USA market.

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